The Student Loan Vote: 26% of Americans with Student Loans Say Lower Interest Rates is the Most Important Student Loan Policy the Next President Should Address

Student-Loan-Vote

Millennials, Generation X and Baby Boomers in Agreement on what Policy Change They Want to See

 

NEW YORKNovember 19, 2015 — With only one year until the 2016 Presidential election and with campaigning currently in full swing, the question is: Do candidates know what Americans with student loan debt really want? While most candidates are in agreement that the student loan situation in the United States must be addressed, each have expressed different potential solutions for this nation-wide problem.

To determine the opinions of the 43 million Americans with student loan debt, Student Loan Hero commissioned third party polling firm YouGov. The survey asked Americans who currently have student loan debt what is the most important policy the next U.S. president should address with regards to student loans. The people have spoken and according to The Student Vote 2015 Report:

  • More than a quarter (26%) say refinancing existing student loans at lower interest rates is the most important student loan policy that should be addressed.
  • Over one in five (22%) Americans say more tax breaks for repaying student loans is most important.
  • Twenty-one percent say free tuition at community college is the most important.
  • One in 10 believe the next president should address expanding bankruptcy protection.
  • In order to ensure further regulation over the student loan industry, six percent feel that our next president must address increasing oversight of student loan servicing practices.
  • Beyond that, the report found another six percent ranked additional options as the most important, including instituting various types of loan forgiveness programs; while four percent think the next President doesn’t need to address any student loan policies.

“The student loan situation is going to be a key issue in the upcoming presidential election. This isn’t just a millennial issue. A great majority of Americans who vote are still dealing with the effects of student loan debt and will continue to do so for the coming years,” said Andrew Josuweit, CEO and president, Student Loan Hero. “The answer might not be a simple one to put into practice. However, the most important thing is for each candidate to acknowledge that this nationwide problem must be tackled head-on.”

Additional findings from The Student Vote 2015 Report include:

  • The nation is in agreement. Regionally, top rankings were nearly identical: a quarter of Northeastern residents (25%) with student loans say refinancing student loans is the most important policy to be addressed, as well as across the Midwest (26%), the South (26%) and the West (27%).
  • Younger and older generations are on the same page. The majority of each age group feels that refinancing existing student loans at lower interest rates is the policy fix that should be addressed, with millennials (18-34) at 26%, 35-54 year olds at 23% and 55+ at 36%. This is also followed, across the board, by creating more tax breaks for repaying loans at 23%, 21% and 17% in each respective group.
  • Income makes a difference. Just under one in three (31%) Americans with student loans earning more than $80K per year, say refinancing student loans is the most important policy to address, while 25 percent say creating more tax breaks for repaying loans and 17 percent say offering free tuition for community colleges. In contrast, the majority of those who earn under $40K state that offering free tuition for community colleges is the most important policy that should be addressed (26%).

Research Methodology

Student Loan Hero commissioned YouGov PLC—a third party, professional research and consulting organization—to poll the views of a representative sample of American adults, of which 1,033 had student loans. Fieldwork was undertaken between 13th and 20th October 2015.

About Student Loan Hero:

Student Loan Hero combines easy-to-use tools with financial education to help the millions of Americans living with student loan debt manage their student loans smarter. Student Loan Hero has helped over 20,000 borrowers manage and eliminate over $1 billion in student loan debt since 2012 and helps over one million people become financially healthy every year. Student Loan Hero offers both current and former students free loan calculators, unbiased personalized advice and repayment plans through an easy-to-use interface and dashboard to manage their owns loans, inline with their own budget.

Founded in 2012 by CEO Andrew Josuweit, who himself had over $100,000 in student loans, Student Loan Hero believes that all loan advice and recommendations should come with no hidden agenda and should be honest and unbiased.

Student Loan Hero has offices in New York, Austin and Portland. For more information visit https://studentloanhero.com. 

Contact:

Diffusion PR for Student Loan Hero
Dave Cotrone & Megan Hartwick, 646-571-0120; slh@diffusionpr.com

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